Bankinter: Spain’s Ibex to reach 12,878 points (+12%) in 2015

The European Central Bank’s quantitative easing measures have not been fully priced into the market, a fact that will continue to push asset prices upwards. Other risks (oil prices, US rates and appreciation of the USD) will not hamper that process and setbacks should be interpreted as opportunities to take positions at more attractive levels.

At the moment, company valuations are fundamentally superior thanks to extremely low rates, but in the coming quarters, and particularly in Europe, they will continue to improve based on an increase in profits (EPS) derived from the effective reactivation of the cycle.